Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 757 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.True or false: “a separate legal body” is true of a company. (a) True (b) False
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
4. 4.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) one owner runs it
10. 10.A small business sells 35 handmade cards at ₹30 each. Its costs are ₹760. What is its profit (in ₹)?
11. 11.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
12. 12.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
13. 13.A small business selling paper bookmarks had a revenue of ₹255 and a profit of ₹145. What were its costs (in ₹)?
14. 14.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
15. 15.A small business sells 57 potted plants at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
16. 16.True or false: “simplest to start” is true of a company. (a) False (b) True
17. 17.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
18. 18.True or false: “run by directors” is true of a company. (a) True (b) False
19. 19.A small business sells 46 cupcakes at ₹15 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.A small business sells 43 painted pebbles at ₹30 each. What is its revenue (in ₹)?
22. 22.True or false: “owned by shareholders” is true of a company. (a) False (b) True
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) a separate legal body
27. 27.True or false: “one owner runs it” is true of a company. (a) False (b) True
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
30. 30.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
31. 31.A small business sells 13 glasses of chai at ₹35 each. Its costs are ₹320. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.A small business sells 25 fruit cups at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 45 painted pebbles at ₹20 each. What is its revenue (in ₹)?
36. 36.A small business sells 56 cupcakes at ₹45 each. Its costs are ₹410. What is its profit (in ₹)?
37. 37.A small business selling paper bookmarks had a revenue of ₹440 and a profit of ₹60. What were its costs (in ₹)?
38. 38.A small business sells 59 clay diyas at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹110 and a profit of ₹90. What were its costs (in ₹)?
40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False

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